1 August 2020
Right now it can be easy for business owners and customers alike to fear the future. Constantly wondering what tomorrow will look like and the ways it may be worse than today. No one can predict the future; however, it is good to remember that the economy is constantly evolving.
Just as we have had economic depressions before, which may have led to the end to some businesses, what follows is new businesses with evolved missions, technologies, and focuses rising from the ashes.
It may take tweaking your business model or it may take completely revamping your marketing and outreach strategy to cultivate success.
A lot of people right now are scared. It is our job as a community, built on the idea of supporting local, to make sure that we are doing our best to stay positive.
But how can you stay positive when everything is unknown?
Networking:
This can take the form of anything; ranging from joining small business Facebook groups to enrolling in various SBA programs. Now more than ever there is no shortage of resources allowing for small business owners to network both locally and nationally.
One of these resources kwaliteit anti oestrogenen met verzending is the group BNI, a small business group with chapters across the United States. If you are looking to network on a more local level, the Hawaiian Chamber of Commerce has resources and connections for local business owners.
However, sometimes we just want to directly connect with peers who completely understand what we are going through. This is where social media comes in handy. Facebook is full of community groups that allow residents of Hawaii to connect with each other. Personally, I am a member of Maui Bulletin Board, Kama’aina First, and the Made on Maui Collective to name a few.
These resources have helped me feel like I am not alone and reminds me of the amazing community that exists here in Hawaii.
Funding:
Another way to try and stay positive through these difficult times is leaning into the community that you’ve found support in. There are many ways you can do this.
Offering special promotions or deals to those in your area not only drives business to you, but it demonstrates a commitment to that community around you. It is proven that special offers increase interaction between potential customers and businesses; the success of the Kama’aina First campaign by Maui Governor Michael Victorino is proof of just that.
Using platforms like GoFundMe are great at a time like this. Not only does it free you from getting into long-term bank or government contracts, but it can be heartwarming to see how many people that you have helped over the months or years you have been in business wanting to see you continue to succeed by giving money out of their own pockets to aid your company.
There are also platforms that support peer-to-peer loans. Prosper offers low-interest personal loans while you can obtain a small business loan up to $500,000 from LendingClub.
A simple way to decrease the overhead would be to try and use less utilities. I know this is especially hard as we enter into August, but this is a straightforward way to cut down on some spending that might not be totally necessary.
This strategy is not limited to a brick and mortar but can be applicable in your own homes. Being a small business owner usually means having to self finance most of your venture, so little ways to cut back can make all the difference.
Just Remember…
What goes down must come up. That is not only a rule of nature, but a tenant of our state’s economy. If you let the wave drag you under instead of trying to ride it back to shore or and making the most of the situation, that makes all the difference when it comes to the future successes of local businesses.
Gregory S. Williams once said, “on the other side of a storm is the strength that comes from having navigated through it. Raise your sail and begin.”